Questions about Coral, road, TIF

Peter Rubin, president and CEO of the Coral Co., said the
TIF won't cost the city any money, noting it has to be
repaid in full with interest.

"There's no donation here, not even a grant or
loan for the city," Rubin said.

"We haven't asked the city of Solon to take any
risk in relation to this project. We're prepared to
step up to the financial table to take that risk."

Rubin said the Coral Co. would hope to eventually own the
garages and is responsible for maintaining them while the
TIF is in effect.

"If we don't (maintain them), there are
penalties," he said.

City Law Director David Matty agreed that the city will
have "no financial obligation in this project."

"I do not want the public to think in any way, shape
or form would the city be donating any money to a private
entity," Matty said. "Every dime put into the
project will be repaid because of special assessments.

"It's our job to see that all the money is used
for public infrastructure."

Mendelsohn insisted the city would be taking some risks by
approving the agreement, such as zoning and quality of life
issues.

"If you do the math, in the end, the city and schools
will not have collected all the money they would have been
entitled to," he said.

Mendelsohn asked Rubin if the Coral Co. would still do the
project without the TIF.

"No," Rubin replied.

"We are an investor," Mendelsohn said. "We
are giving money for the project."

Residents speak %%markup%% %%bodybegins%% Other residents
expressed other concerns about the proposed development.

Julie Urban, of Bainbridge Road, said businesses are
already encroaching on her property.

"I hate it, so I definitely will not be voting for
this," she said.

"If you look around Solon, every shopping center we have has empty stores," she added. "It doesn't make sense to get all this new development when we can't even fill what's here."...

Questions about Coral, road, TIF

Peter Rubin, president and CEO of the Coral Co., said the
TIF won't cost the city any money, noting it has to be
repaid in full with interest.

"There's no donation here, not even a grant or
loan for the city," Rubin said.

"We haven't asked the city of Solon to take any
risk in relation to this project. We're prepared to
step up to the financial table to take that risk."

Rubin said the Coral Co. would hope to eventually own the
garages and is responsible for maintaining them while the
TIF is in effect.

"If we don't (maintain them), there are
penalties," he said.

City Law Director David Matty agreed that the city will
have "no financial obligation in this project."

"I do not want the public to think in any way, shape
or form would the city be donating any money to a private
entity," Matty said. "Every dime put into the
project will be repaid because of special assessments.

"It's our job to see that all the money is used
for public infrastructure."

Mendelsohn insisted the city would be taking some risks by
approving the agreement, such as zoning and quality of life
issues.

"If you do the math, in the end, the city and schools
will not have collected all the money they would have been
entitled to," he said.

Mendelsohn asked Rubin if the Coral Co. would still do the
project without the TIF.

"No," Rubin replied.

"We are an investor," Mendelsohn said. "We
are giving money for the project."

Residents speak %%markup%% %%bodybegins%% Other residents
expressed other concerns about the proposed development.

Julie Urban, of Bainbridge Road, said businesses are
already encroaching on her property.

"I hate it, so I definitely will not be voting for
this," she said.

"If you look around Solon, every shopping center we have has empty stores," she added. "It doesn't make sense to get all this new development when we can't even fill what's here."...